Wednesday, November 9, 2011

Market Timing Update (11/9/11)

Note - Each count is usually color coded.
[EOD]Stocks -
At the end of the day, we have a 5-3-5 decline. Chart 1 shows the tracking counts and rough location of the potential bottom, including today's low.

(Subjective) primary count remains wave X (blue), followed by wave 2 (green), followed by the bearish count (red).

[920 am]  DAX and FTSE update -

[710 am]  ES update -
Pullback to complete X-down of (B)/(2)-up likely has started overnight (Chart 1, ES).  Technically, it's nice to see an EDT playing out once (in a long while) as discussed in yesterday's 340pm entry and this chart therein. As discussed, it's prudent to leave room for the larger bullish count with the overnight high being 1-up since the October low - better seen in INDU.

Squiggle count on ES since the November low is shown in Chart 2.  The green bullish count is for entertainment purposes, if nothing more.